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| Brief On the Nigerian Economy |
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- Gross Domestic Product (GDP) has recorded real growth, estimated at 5% per annum since the return of civil rule in 1999.
- Public revenue has been enhanced by significant increases in the prices of crude oil and gas in the international market over the years, whilst the economy has witnessed appreciable inflows of foreign investment capital. Substantial growth has also been recorded in agricultural outputs.
- There has been significant growth and development in the service sectors of the economy such as telecommunications, pension reforms banking/financial services which provides needed support for the rejuvenation of the real sector of the economy.
- Rated on investment grade BB+ by Fitch and Standard and Poors for the first time in 2005.
- Growth of the GDP is expected to be buoyed by the continuation of the reforms and a successful political transition in 2007, making the Nigerian economy, one of the most virile destinations for foreign direct investment in Africa.
COUNTRY STATISTICS
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Inflation Rate
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10.50%
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GDP Growth Rate
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5.30%
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Industrial Production Growth Rate
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-1.60%
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Population
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140 million
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GDP Per Capital
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USD1,400
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Foreign Reserves
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USD42.97 Billion
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Oil Production
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2.451 Million BPD
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Estimated % of population with equity Investments
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3%
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Monetary Policy Rate (MPR)
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8.00%
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Currency
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NAIRA (=N=)
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